Peter Smith
Bitcoin (BTC) hits a new high, reaching $84,000, as crypto markets rally following Donald Trump's election win and pro-crypto promises.
Bitcoin Reaches New Heights Following Trump’s Election Victory
Bitcoin (BTC) hit a fresh peak, climbing 5% to $84,490 on Monday, according to Coin Metrics, as post-election excitement over Donald Trump’s pro-crypto stance continues to fuel market gains. Ether (ETH) also rose by 2%, with its recent week-long surge pushing it back over the $3,000 mark.
The positive momentum extended across various cryptocurrencies. Cardano’s (ADA) DeFi-linked token increased 1.7%, while Dogecoin (DOGE) surged nearly 8%. XRP, meanwhile, held steady after its recent gains. Major crypto-related stocks, including Coinbase and MicroStrategy, also saw gains, rising 15% and 12% respectively.
Trump’s Crypto Pledges Boost Market Confidence
Susannah Streeter, head of money and markets at Hargreaves Lansdown, attributed crypto’s rally to “euphoria” sparked by Trump’s victory and commitment to advancing the industry. In a statement, she noted, “His pledge to go all in on crypto has sent Bitcoin to fresh heady heights.” Trump has promised to transform the U.S. into the “crypto capital of the world” and has hinted at creating a reserve crypto fund to boost demand.
According to a report by Citi strategists, crypto ETFs have seen record inflows since Trump’s election. In just two days post-election, BTC and ETH ETFs received $2.01 billion and $132 million in net inflows, respectively, underscoring strong investor interest. The report, led by strategist David Glass, highlighted that Bitcoin’s surge is partly driven by optimism about a potentially crypto-friendly regulatory environment.
Conclusion
Looking forward, some analysts believe that Bitcoin is positioned for further growth, with expectations that it may hit the $100,000 milestone by the end of the year. This optimism is fueled by anticipated regulatory clarity and ongoing demand in the U.S., encouraged by Trump’s pro-crypto stance.
Peter Smith
